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Indian consumer electricals maker of voltage stabilizers, wires, pumps, fans, water heaters and kitchen appliances.
Indian consumer electricals maker of voltage stabilizers, wires, pumps, fans, water heaters and kitchen appliances.
Sells through a network of dealers and electricians, with stabilizers and wires as the older base and kitchen appliances added by buying Sunflame. The company began in Kerala and is still led by the founder's family, which is why the south carries most sales and the push beyond it is the story.
Moat: narrow (brand, distribution). Strong South Indian brand heritage in stabilizers and a growing dealer network, but Havells and Crompton have larger national scale.
Headquarters: Kochi, India · Founded: 1977 · Employees: 7,424
Size V-Guard Industries (VGUARD.NS) is an India Industrials company (Electrical Products) with a market value of $1.35B, the 501st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹292.25 on 6 Nov 2026.
Performance Over six months the shares fell 12.0%, against -25.0% for the median peer and 0.0% for the India market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 21.5% over the last twelve months (peer median +14.0%); the operating margin is 7.9% (peer median 3.5%).
Valuation It trades at 27.6× forward earnings against a peer median of 17.6× (4th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.1 points above its cost of capital (11.4% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹68.2B | ₹59.6B | ₹55.7B | ₹48.6B | ₹41.3B |
| Revenue growth | — | +7% | +15% | +18% | — |
| Gross profit | ₹17.3B | ₹11.8B | ₹11.0B | ₹9.15B | ₹6.92B |
| EBITDA | ₹6.53B | ₹5.25B | ₹5.12B | ₹4.37B | ₹3.26B |
| Net income | ₹4.11B | ₹3.08B | ₹3.14B | ₹2.58B | ₹1.89B |
| Free cash flow | n/a | ₹2.69B | ₹3.33B | ₹2.31B | ₹3.07B |
| Capital expenditure | n/a | ₹1.80B | ₹1.21B | ₹1.28B | ₹1.03B |
| Total debt | ₹1.60B | ₹1.65B | ₹1.34B | ₹4.01B | ₹5.03B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| V-Guard Industries VGUARD.NS | $1.35B | -12% | +22% | 8% | 27.6× | 19.3% |
| Havells India HAVELLS.NS | $7.47B | -11% | +16% | 7% | 44.0× | 39.8% |
| Crompton Greaves Consumer Electricals CROMPTON.NS | $1.47B | -26% | +12% | 8% | 23.6× | 20.5% |
| Bajaj Electricals BAJAJELEC.NS | $337M | -34% | -5% | 2% | 26.9× | 14.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VGUARD.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.3% | -4.5% | 11th highest of 21 |
| 6-month return | -12.0% | -25.0% | 5th highest of 20 |
| Distance from 52-week high | -23.2% | -49.6% | 2nd highest of 21 |
| Revenue growth (TTM) | +21.5% | +14.0% | 7th highest of 20 |
| Operating margin | 7.9% | 3.5% | 6th highest of 20 |
| Forward P/E | 27.6× | 17.6× | 4th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 19.3% | 13.2% | 3rd most demanding of 10 |
| Growth delivered (Del g) | +17.0% | +11.2% | 3rd highest of 10 |
| Hurdle (Req g minus delivered) | +2.3 pp | -9.1 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | +7.1 pp | -4.3 pp | 2nd highest of 20 |
| EV / EBITDA | 19.0× | 9.1× | 2nd most expensive of 6 |
| Net debt / EBITDA | -0.6× | 1.0× | least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| V-Guard Industries VGUARD.NS | India | $1.35B | -12% | +22% | 8% | 27.6× | 19.3% | +17.0% |
| Ushio 6925.T | Japan | $1.37B | -15% | +6% | 8% | 17.6× | 8.3% | +8.6% |
| Hubei Zhongyi Technology 301150.SZ | China | $1.38B | -40% | +48% | 3% | 34.7× | 14.6% | +38.1% |
| Accelevation ACCV | United States | $1.33B | n/a | n/a | n/a | n/a | n/a | n/a |
| Shenzhen Woer Heat-Shrinkable Material 9981.HK | Hong Kong | $1.38B | -52% | +26% | 15% | 7.6× | -11.2% | +14.8% |
| Allient ALNT | United States | $1.38B | +22% | +11% | 9% | 22.8× | 27.9% | +8.6% |
| Wuxi Xinhongye Wire & Cable 301310.SZ | China | $1.32B | -4% | +47% | 3% | 39.4× | n/a | n/a |
| Ocean's King Lighting Science & Technology 002724.SZ | China | $1.39B | +89% | -3% | 6% | n/a | 21.3% | +0.3% |
| Eaglerise Electric & Electronic (China) 002922.SZ | China | $1.39B | -44% | +14% | 6% | 25.0× | n/a | n/a |
| Suzhou Anjie Technology 002635.SZ | China | $1.30B | -19% | +21% | 3% | 22.0× | 16.2% | +10.4% |
| Vanchip (Tianjin) Technology 688153.SS | China | $1.41B | -31% | 0% | -8% | n/a | n/a | n/a |
| Amara Raja Energy & Mobility ARE&M.NS | India | $1.41B | -19% | +16% | 6% | 15.5× | n/a | n/a |
| Pylon Technologies 688063.SS | China | $1.41B | -50% | +101% | 1% | 44.2× | n/a | n/a |
| Camel 601311.SS | China | $1.29B | -26% | -4% | 2% | 12.8× | -0.5% | +11.2% |
| Hoymiles Power Electronics 688032.SS | China | $1.29B | -38% | +47% | -16% | n/a | n/a | n/a |
| Zhejiang Wanma 002276.SZ | China | $1.42B | -25% | +13% | 1% | 10.8× | 5.1% | +15.6% |
| East 300376.SZ | China | $1.43B | -30% | +9% | 3% | 9.3× | n/a | n/a |
| Daihen 6622.T | Japan | $1.43B | +5% | +5% | 8% | 11.4× | n/a | n/a |
| Ningbo KBE Electrical Technology 300863.SZ | China | $1.27B | -20% | +21% | 4% | 23.0× | n/a | n/a |
| Amprius Technologies AMPX | United States | $1.27B | -48% | +144% | -17% | n/a | n/a | n/a |
| Volex VLX.L | United Kingdom | $1.27B | -20% | +9% | 9% | 13.4× | 13.2% | +22.3% |